Are we moving out of the valley of despondency over Covid-19? We've already done that. The market's decided it's clear sailing. Indexes reached record highs this week. He has no doubt that world GDPs will roar back in the second half of 2021, and so the indexes make sense. But he's worried there's too much enthusiasm, especially with the IPOs of DoorDash and Airbnb, which have never really been profitable. It gives him little shivers, reminding him a bit of 2000.

Controversy over the DoorDash and Airbnb IPOs. When people are enthusiastic, they find ways to look past the negatives. DoorDash is systematically bankrupting restaurants. No one knows how much demand will slip away once the pandemic ends. A prime example of people looking only on the bright side.

Right place at right time. We've all become addicted to online shopping and fast delivery. What happens post-Covid? US and Canada are behind the curve. His predicts that the parcel delivery business will continue to be buoyant. Now fully priced.

Gold. He's never been a gold bug. He doesn't understand the dynamics that move the price up and down. It's slipped about 10% since its highs. There are other ways to play a weakening US dollar: EM, non-US stock, developed Europe, or the TSX.

Businesses can't pay rent, and so we've seen a drop. It's collecting a fair amount of rent, good collection of properties, reasonable and sustainable yield. Questionable future demand for office space has spooked people. He owns it personally.

Don't put all your money into this one. It's a one-product, commodity company. A price taker, rather than a price maker. It's a trade, not an investment. It can go down as fast as it can go up.

His biggest single equity position. Not just phones, but an entire ecosystem. All products interact with each other. Impressive ability to innovate. Huge pile of cash. Reasonable multiple. Brand recognition. Growth rate justifies its price.

Wonderful company in a terrible neighbourhood. The government of China could expropriate it. Financial reporting doesn't follow the same rules as in North America. Extra level of risk of political interference. He's not opposed to taking a small position.

No longer a pure play in potash. Vertically integrated. Its products aren't going away. Pricing power is not what it once was. Dividend is safe. Good steady hold.

Not just that interest rates are low, long-term assets CAP rate has come down. All the lifecos are having trouble getting a return on investments. Tremendous bargains with low multiples and less than book value, but maybe not quite yet.

(A Top Pick Oct 04/19, Up 18%) Happy with it. Toll roads, seaports, airports, railroads. Very good at managing these assets and a huge amount of money to play that game.

(A Top Pick Oct 04/19, Up 0%) He's still actively buying it. Hasn't done much, as everyone is buying growth right now, not value. 5G will be big for it. Good one to own and at this price.

(A Top Pick Oct 04/19, Up 27%) As a tourism stock, he can't believe it's up so much. Has fly-in, but also drive-in, resorts. Unique geographical assets that no one can duplicate. They're not building any more mountains.

Just cut distribution. Largest mall operator in Canada, and many aren't paying rent. Question is will people and tenants come back. It's on the wrong side of the trend. Steer clear. He owns CAP, apartment buildings are terrific assets. Also owns Crombie (grocery) and Granite (industrial) REITs.

REITs. RioCan just cut distribution. Largest mall operator in Canada, and many aren't paying rent. Question is will people and tenants come back. It's on the wrong side of the trend. Steer clear. He owns CAP, apartment buildings are terrific assets. Also owns Crombie (grocery) and Granite (industrial) REITs.